Gold Price: Ahead Of Akshaya Tritiya Gold, Silver Indices Dip, Check Yellow Metal Price
Gold prices fell during intra-day trade in both domestic and foreign markets as the US dollar's value increased relative to a basket of other currencies and investor concerns about US Fed rate hike.
Ahead of Akshaya Tritiya, gold prices fell during intra-day trade in both domestic and foreign markets as the US dollar's value increased relative to a basket of other currencies and investor concerns about US Fed rate hike. Most people buy gold on this day because it is believed that doing so will bring them prosperity and wealth in the future.
According to a MoneyControl report, at 10.45 am, the June gold contract on the Multi Commodity Exchange of India was at Rs 60,199 for 10 grams, down 0.2 percent. Comex gold was at around $2,004.05 a troy ounce, down 0.2 percent from the previous close.
The report said that there is less demand for commodities like gold and silver for holders of foreign currencies, and commodities with dollar price tags have become more expensive.
However, Gold prices rose in early trade on Thursday, with 10 grams of the yellow metal (24-carat) trading at Rs 61,150, according to the GoodReturns. Silver prices went up by Rs 200 with 1 kg of the metal selling at Rs 77,600. The price of ten grams of 22-carat gold also jumped Rs 200 to Rs 56,050.
The price of ten grams of 24-carat gold in Delhi, Bengaluru, and Chennai is Rs 61,310, Rs 61,200, and Rs 61,800, respectively, as per GoodReturns. The gold price in Mumbai, Kolkata, and Hyderabad was Rs 61,150.
Here Is A look at Gold Price Over The Year
| 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
| Rs 29,000 | Rs 28,000 | Rs 26,000 | Rs 28,000 | Rs 29,000 | Rs 31,000 | Rs 35,000 | Rs 48,000 | Rs 48,000 | Rs 52,000 | Rs 61,000 |
To further elaborate on the data we put it in a format of a graph. Here is how it looks.
On Thursday, US gold prices increased slightly as the dollar declined and investors debated whether the US Fedreal Bank will likely raise interest rates once more to combat inflationary pressures. According to Goodreturns at 00:59 GMT, spot gold was up 0.1 per cent at $1,995.54 per ounce after falling to a more than two-week low on Wednesday.
Spot silver was up 0.1 per cent at $25.28 per ounce, while platinum fell 0.4 per cent to $1,086.01 and palladium dipped 0.7 per cent to $1,605.20.
In Bengaluru, Chennai, and Hyderabad, 1kg of silver costs Rs 81,000. In Delhi and Mumbai, 1 kg of silver costs Rs 77,600.
Also Read: Akshaya Tritiya 2023: Date, Time, Gold Shopping Shubh Muhurt And Other Important Details
Gold Prices During Akshaya Tritiya
People have historically viewed gold as a valuable investment, especially around the holidays. This year, Akshaya Tritiya will be observed on April 22 (Saturday). The Tritiya Tithi begins at 07:49 am on April 22 and ends at 07:47 am on April 23, according to Drik Panchang. Akshaya Tritiya is thought to bring good fortune and success.
The demand for gold often increases during the holiday season for a variety of reasons. One of the main factors influencing the change in the price of gold is the surge in demand. People typically buy gold as a sign of luck, wealth, and fortune during festivals and weddings. As demand grows, gold prices increase.
Anuj Gupta, Vice President (VP), Commodity and Currency Research at IIFL Securities told ET, "Generally we see a demand for physical gold go up to 35 to 50 tonnes around Akshaya Tritya. This year too, we expect a strong buying trend as we have noticed a trend where people look to buy gold when the prices are going up, expecting a further uptick."
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